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  • Matsushita Revises FY98 Business Outlook Downward
  • March 2, 1999 (TOKYO) — Matsushita Electric Industrial Co., Ltd. announced that it has adjusted downward its earnings estimate for fiscal 1998, through March 31, 1999.
    At the same time, the Osaka-based company announced its consolidated accounts for the third quarter of fiscal 1998 (October-December 1998).

    The earlier projection for fiscal 1998, which was made public in October 1998, called for a pretax profit of 180 billion yen (US$1.48 billion), or down 49 percent from the previous year.

    The electronics company has further cut its earnings estimate to 167 billion yen (US$1.37 billion), or a decline of 51 percent compared to the previous fiscal year.

    In October 1998, Matsushita Electric projected that its consolidated sales for fiscal 1998 would register 7.85 trillion yen, or US$64.55 billion, down 1 percent compared to the previous year. That figure has been revised downward to 7.5 trillion yen, or US$61.67 billion, for a 5 percent decline compared to the previous year.

    However, its projected net profit for the current fiscal year has been adjusted upward from 48 billion yen, or US$395 million (down 49 percent compared to the previous year) to 54 billion yen, or US$444 million (down 42 percent).

    A Matsushita official said that while sales in Japan are in line with the October 1998 forecast, overseas sales are expected to be significantly lower as a result of the poor business climates in Russia and South America. Lower sales in those regions are affecting the company’s business outlook, leading to the downward adjustments, the company said.

    As for its non-consolidated performance, the company expects sales of 4,570 billion yen (US$37.58 billion), a 6 percent year-on-year decline, and ordinary profit of 120 billion yen (US$986.7 million), a decline of 23 percent.

    (BizTech News Dept.)



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